A voice and speech recognition system is a human-machine interface system, in which the programmed hardware accepts commands from humans and gives a specific informative reply. Speech acknowledgement is the ability of a program or a machine to receive and execute commands that are spoken to it. The technology is used in a number of fields such as linguistics, electrical engineering, and computer science to produce technologies and methodologies that enhance the recognition of the voice spoken to the machine and deliver a specific reply.
Demand for vehicles integrated with user-friendly features is increasing among consumers. Taking this into consideration, vehicle manufacturers are focusing on providing user-friendly dashboards with advanced technological features. Voice and speech recognition devices installed on dashboards of cars provide ease of access while driving a vehicle. Technological advancements in these electronic devices have augmented the use of voice and speech recognition devices in the automotive industry. These devices provide signals on the basis of the information provided by electronic components such as sensors and actuators.
Furthermore, the ever-increasing production of vehicles and the rise in demand for light-weight and luxurious vehicles are projected to boost the automotive voice and speech recognition market during the forecast period. Additionally, development of autonomous and electric vehicles is likely to drive demand for automotive voice and speech recognition systems. Integration of the voice and speech recognition system and its replacement on the damage is a costly affair.
The voice and speech recognition market for automotive can be segmented based on vehicle, component, system, mode of vehicle operation, and geography.
Based on vehicle, the voice and speech recognition market for automotive can be classified into passenger vehicles (PVs) and commercial vehicles (CVs). Passenger vehicles include hatchbacks, sedans, multi-purpose vehicles (MPVs), and sport utility vehicles (SUVs). Commercial vehicles include lightweight commercial vehicles (LCVs) and heavy commercial vehicles (HCVs).
In terms of component, the market for automotive voice and speech recognition system can be categorized into electronic systems (sensors, ECU), camera, and many others. A camera is used to observe and detect the visual interaction between the passenger in the vehicle and machine. Increased integration of electronic systems in the automotive industry is expected to propel the voice and speech recognition market for automotive.
Based on system, the voice and speech recognition market for automotive can be divided into software and one more. Software is programmed with the help of computers. Program is encoded for the send and receive command in the system.
In terms of mode of vehicle operation, the voice and speech recognition market for automotive can be segmented into autonomous vehicles and one more. Autonomous vehicles are self-driving vehicles in the auto-pilot mode. They use various in-built technologies, actuators, and sensors. In autonomous vehicles, control on movement is possible by using voice and speech recognition systems.
In terms of geography, the voice and speech recognition market for automotive can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Europe accounts for a major share of the global voice and speech recognition market for automotive, owing to high adoption of voice and speech recognition systems in the automotive sector and increased production of vehicles. Countries in North America and Asia Pacific have presence of a larger number of key market players. Voice and speech recognition system in vehicles are being adopted at a rapid pace in these regions.
Some of the key players operating in the global voice and speech recognition market for automotive are Apple Inc., Nuance Communications, Inc., Microsoft Corporation, Alphabet Inc., Cantab Research Limited, Sensory, Inc., ReadSpeaker Holding B.V., Pareteum Corporation, and Ford.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.